IBM to acquire Toronto’s Algorithmics for $387 Million

IBM announced today that it is acquiring Toronto’s Algorithmics for $387 million.

Algorithmics’ risk analytics software, content and advisory services are used by banks, investment and insurance businesses to help assess risk, address regulatory requirements and make more insightful business decisions.

Algorithmics is a member of Fitch Group, which is majority owned by Fimalac, a holding company based in Paris. Nearly half of its 900 employees are based in Canada.

Algorithmics has more than 350 clients, including 25 of the top 30 banks and a number of leading insurers, use Algorithmics’ analytics software and advisory services. Clients include The Allianz Group, BlueCrest, HSBC, Nedbank, Nomura, Societe Generale, and Scotia Capital.

IBM said the acquisition of Algorithmics is part of its long-term strategy to support strong expected growth in business analytics.

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